Global Smart Highway Market.PDF
The global smart highway market is expected to be valued at US$16.916 billion in 2018
and is projected to reach US$40.607 billion by 2023 exhibiting a CAGR of 19.14% during
the forecast period. This market will witness a high growth in the next five years owing
to the rise in the demand for intelligent traffic management system. Advancement in the
computer related technologies have added to the improvement in the transport sector.
Day to day rise in population and increasing fatal accidents has led to the construction
of smart highways across the globe. Also growing traffic congestion which is a big issue
and blocked roads resulting from heavy hailstorms, and landslides in hilly areas
increase the possibility of accidents leading to high loss of lives and property. The
integrated smart systems use digital sensors which can acquire and record data in a
landslide, poor weather conditions, and traffic congestions and can display forecasts
and alerts on LED screens across the highway. Construction of smart highways has
paved the way for a more efficient and sustainable road transport system with a
significant decrease in pollution. The key opportunities of the smart highway market
are the deployment of advanced technologies, increasing government schemes for
raising funds and decent law enforcement, and tremendous funding by different
organizations in infrastructure expansion. Smart highways include pavements for
photovoltaic cells which will reduce the consumption of power from the conventional
sources. The power produced by these solar cells will help in highway lighting, power
supply to the public conveniences and toll booths.
On the basis of technology, smart highway market is segmented as smart transport
management system, smart traffic management system, smart communication system,
and smart monitoring system. Increase in population and the need for constructing
robust and intelligent transportation system has led to the evolution of smart highways.
Electronic toll collection along with lane departure warning and automatic number
plate recognition is the latest technological advancements which have catalyzed the
growth of smart highway networks across the globe.
On the basis of geography, smart highway market is segmented as North America,
Europe, Middle East & Africa, Asia-Pacific, and South America. Development and
adoption of smart construction techniques are highest in North America owing to the
Global Smart Highway Market - Industry Trends, Opportunities and Forecasts to 2023